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Gains Considered Corrective

EURGBP TECHS
  • RES 4: 0.8512 High Mar 31
  • RES 3: 0.8477 2.0% 10-dma envelope
  • RES 2: 0.8405/8435 High Apr 11 / High Apr 4
  • RES 1: 0.8336/56 High Apr 20 / 50-day EMA
  • PRICE: 0.8303 @ 16:12 BST Apr 20
  • SUP 1: 0.8250 Low Apr 14 and key near-term support
  • SUP 2: 0.8203 Low Mar 7 and the bear trigger
  • SUP 3: 0.8144 2.0% 10-dma envelope
  • SUP 4: 0.8117 High Apr 7 2016

A bearish cycle in EURGBP remains intact and this week’s recovery is likely a correction. The sharp sell-off between Apr 11 - 14, strengthened the bearish condition. The cross traded below 0.8296, Mar 23 low, as well as 0.8276, 76.4% of the Mar 7 - 31 rally. This opens 0.8203, the Mar 7 low and the next bear trigger. Firm resistance is seen at 0.8405, Apr 11 high. A break would represent a short-term bullish development. Initial resistance is at 0.8336.

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